The DWSELF has been established to provide loans to assist eligible applicants in making emergency repairs to existing drinking water systems and may, with Board approval, include new construction needed to provide a permanent correction to the problems which caused the emergency. Basic DWSELF financing requirements are as follows:
1. DWSELF loans may be limited at the discretion of the Board based on funds availability or as otherwise established by State law.2. Loans will be made at the interest rate determined by the Board.3. Monthly principal and interest repayments will commence as further described in Section III.F of this regulation, and all loans will be fully amortized not later than five (5) years after project completion.4. Except for program administration expenses, funds will not be disbursed from the emergency loan fund without first entering into a legal and binding commitment with the Board.5. The fund will be credited with all repayments of principal and interest on all loans.6. The applicant must not be in violation of, or delinquent on, any provisions of a previously awarded DWSELF or DWSIRLF loan agreement33 Miss. Code. R. 1-2.4.1
Miss. Code Ann. § 41-3-16(3)(b)